Sunday, 29 November 2015

Today whole
economy is changing into Digital economy and disrupting all the respective
markets and industries. Businesses are shifting from selling physical things to
digital things.

Just to
take an example of Music industry – in old days we had to go to store to buy LP
records, then came cassettes and CDs which were then disrupted due to introduction
of MP3 format in 1990s. Later came IPod/IPhone and people could carry their
music with them. Spotify further changed this to streaming music, so now you
don’t have to download music at all.

The song
collection on Spotify is so large that you will need a lifetime to listen to
all of them. That is where Spotify started using machine learning, to identify
and predict what a person would like to listen next.

The main
driver for this change was “Customer behavior”. With flexibility of anytime,
anywhere any information, customers became more aware of the products than
manufacturers. Companies need to understand this and recognize the trends, to
predict customer behavior.

With
exponential growth in data from people and things, a key to survival is to use
machine learning & make that data more meaningful, more relevant to enrich
customer experience.

It took a
while for phones to become smart phones.
But now machines can become smarter machines faster, by combining the
Internet of Things, machine learning, and data insights, with addition of people
and devices.

In order to
understand all the data coming our way, machine learning algorithms will be
required. These are various techniques
that allowed machine to learn on its own. Algorithms will also
significantly influence the Internet of Things. Without them, the IoT will not
even become possible! Gartner predicts that 25 billion
connected devices will be in use by 2020.
All these devices will be connected to business processes as well as
billions of smartphones. This will generate massive amounts of data that need
to be analyzed to understand what’s going on. This can only be achieved with
algorithms, which can take automatic action at the right moment.

Apple Siri, Google Now, Microsoft Cortana
like digital personal assistants are making use of Machine Learning for speech
recognition to become smarter & creative, knowing more about you and your
needs

By connecting the sensors and systems in each of their elevators to the cloud, ThyssenKrupp, a Garman
Elevator Manufacturer, has been able to move beyond preventative maintenance to
offer predictive and preemptive services, a service that has not been possible
before in the elevator industry.

Today after 56 years even Barbie dollis going to become interactive and internet connected, that can
talk to children and respond to their questions.

At the end
Machine Learning helps make sense of digital tide, which we are generating and
helping the humanity do better.